'People are petrified of becoming homeless': New report shows sharp rise in rents in Cork 

Rents in Cork city and county have rocketed, with new figures showing that the average listed rent in parts of Cork is €1,211, up 108% from its lowest point.

According to the latest rental report from property website Daft.ie, rents in Cork City have risen by 6.9% in the last year, with the average rent now standing at €1,544 per month.

In the county, rents were on average 14.6% higher in the third quarter of 2021 than a year previously, with the average rent now costing €1,211 per month.

Overall, Munster has seen record inflation in rent prices.

Rents continued to rise in the Cork city and county rental markets, along with all Munster rental markets, between June and September — the fourth consecutive quarter that this has happened, according to the latest report.

The latest increases mean that Munster rents are now 15.6% higher than a year ago, the highest increase on record back to 2006.

Nationwide rents in the third quarter of 2021 were an average of 6.8% higher than the same period last year.

'Frustrating'

Threshold regional manager for Cork Edel Conlon described the latest findings as“disheartening and frustrating”.

“Rents are going up and up and up. Rents are gone to an unaffordable level. People are terrified of becoming homeless. People are paying rents they shouldn’t have to pay.”

Cork City Solidarity councillor Fiona Ryan said the high rates were no surprise.

“This is the reality that people are living with since the financial crisis,” she said.

Ms Ryan said her rents recently increased 8% during the recent rent review and said that it was necessary for tenants to fight back.

Action needed

Carrigaline Fianna Fáil councillor Seamus McGrath said the report was confirming what they were seeing on the ground in relation to extremely high rental costs.

“We have to press ahead with affordable housing options, including purchase and cost rental, as an absolute matter of urgency. Overall housing supply levels are critically important to the rental sector as well and this has to remain a top priority,” he said.

Sinn Féin TD Donnchadh O’Laoghaire has called on the Government to introduce a rent freeze.

“Every intervention by the Government has been a day late and a dollar short.”

Mr O’Laoghaire said the “astronomical increase” in rents showed that the policies in place were not working.

“On the ground, in Cork city and county, people’s lives are being put on hold, people are being forced to choose between living independently and a permanent home.

“You can’t save for a deposit and pay rents like this. This generation has been profoundly let down by the Government.

“They are suffering the most.”

Meanwhile, Ronan Lyons, economist at Trinity College Dublin and author of the Daft report said that while some may oppose the construction of large numbers of purpose-built rental homes, “any solution to the chronic shortage of rental homes in Ireland must include building new ones”.